SeaCrest Wealth Management LLC Acquires 5,700 Shares of Frontline plc (NYSE:FRO)

SeaCrest Wealth Management LLC grew its holdings in shares of Frontline plc (NYSE:FRO) by 11.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,375 shares of the shipping company’s stock after acquiring an additional 5,700 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Frontline were worth $807,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Jones Financial Companies Lllp bought a new stake in Frontline in the 4th quarter worth approximately $31,000. Golden State Wealth Management LLC purchased a new stake in Frontline in the fourth quarter worth $84,000. National Bank of Canada FI grew its stake in Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company’s stock worth $87,000 after purchasing an additional 4,738 shares during the period. Nexpoint Asset Management L.P. purchased a new stake in Frontline in the fourth quarter worth $159,000. Finally, Tower Research Capital LLC TRC grew its stake in Frontline by 5,500.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,200 shares of the shipping company’s stock worth $159,000 after purchasing an additional 11,000 shares during the period. Institutional investors own 22.70% of the company’s stock.

Frontline Stock Down 2.7%

NYSE FRO opened at $17.64 on Friday. The stock’s 50-day moving average price is $16.51 and its 200-day moving average price is $16.30. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 1.44. Frontline plc has a 52 week low of $12.40 and a 52 week high of $26.75. The company has a market capitalization of $3.93 billion, a P/E ratio of 7.20 and a beta of 0.28.

Frontline (NYSE:FRO) last released its quarterly earnings results on Friday, May 23rd. The shipping company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $427.87 million during the quarter, compared to analysts’ expectations of $252.26 million. Frontline had a return on equity of 19.25% and a net margin of 25.64%. The firm’s revenue for the quarter was down 26.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.62 EPS. On average, equities research analysts predict that Frontline plc will post 1.78 earnings per share for the current year.

Frontline Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 13th will be paid a $0.18 dividend. This represents a dividend yield of 3.97%. The ex-dividend date of this dividend is Thursday, June 12th. Frontline’s payout ratio is 46.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FRO shares. Kepler Capital Markets set a $12.49 target price on Frontline in a report on Thursday, March 27th. Evercore ISI lowered their target price on Frontline from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.62.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.